Tesla’s board is reportedly searching for a new CEO as the company’s stock continues to fall. Elon Musk, who has led Tesla for over 20 years, may be asked to step down.

This decision comes after Musk spent more time on political activities, especially in the Trump administration, where he took a role in the Department of Government Efficiency (DOGE). Musk has also been seen frequently with Donald Trump, which has brought negative attention to Tesla.

Donald Trump praised Musk for his efforts with DOGE, but also hinted that Musk should focus more on his car company. Tesla’s board asked Musk to publicly commit to spending more time on Tesla or risk losing his CEO role. Musk agreed and announced that he would now devote much more time to the company.

In the meantime, Tesla has contacted several executive search firms to find a possible replacement for Musk.

Financially, Tesla has struggled. Profits in the first quarter dropped by 71%, earning only $409 million compared to $1.4 billion during the same time last year. Tesla’s stock has lost nearly 40% of its value since January, although it recovered slightly after the earnings report.

During Tesla’s earnings call, investors were mostly concerned about Musk’s commitment to the company.